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-cabrera in for larry kudlow. this is "the kudlow report." speaker john boehner calls the house back into session for sunday night. that stokes investor hopes for a fiscal cliff deal and this coming just a few hours after harry reid's comments sent the dow into a tailspin. we have complete coverage in this developing story which is happening tonight as we speak. also, as supplies from the obama team, ep achieve lisa jackson stepping down. can the coal companies finally breathe a sigh of relief? guess what happened in britain when the uk banned handguns. the surprising result that could change the gun control debate. "the kudlow report" start ises right now. >>> the big news tonight, still the developments in washington on the fiscal cliff, eamon javers joins us with the details. >> good evening, meshel. capitol hill sources tell cnbc that congressional leaders are planning to go to the white house tomorrow to meet with president barack obama and it is not entirely clear at this point when that meeting will take place and details are still being hammered out and we saw today a blistering series of
, that's actually all up to john boehner, as i see it, because if we were to decide to bring the president's most recent small car compromise to the house i actually believe it would pass. the problem for him it would probably pass with mostly democrat vote, but i think it could get through the senate. that's the only scenario i see by which we avoid going over the cliff. >> wait a minute. >> at least temporarily. >> wait a minute, jared. john boehner said it's up to the president and harry reid so are both sides standing at the precipice waiting for each other to make the next move. >> not really. it really is all up to john boehner to decide whether he wants to bring this vote to the house floor. if he doesn't, i would put on either your cliff bungee cord or your cliff parachute and that's actually an important difference. >> we would like a bungee cord and a parachute. >> right. >> but i would like to know maybe we have neither. what do you think happens to the market, matt, in either scenario, deal or no deal? >> i can't imagine we're going to get a deal done with any sig
clear. in order for that to happen john boehner basically has to agree that he's going to get a deal out of house with majority democrat votes, and i don't see why he does that before january 3rd. >> you're assuming the president has all the leverage, and i think the president would have a horrible legacy starting out with such turmoil, so i disagree. i think there's movement on the white house side on entitlements. >> rick, you do have to accept the fact that john boehner -- goes for the deal with democratic votes. >> he's about as acrimonious and able to get a deal done as sir harry reid. >> jared -- >> bottom lines, look at the vix, at 20, barely into anything. the market is clearly saying it doesn't care. hey, listen. i run my clients' money looking at the vix with my left eye, but 20, give me a break. you've got to thrill me above 30, above 35 before any of this has anything other than very interesting. >> if we get a deal, say sunday night we get a deal, right, do the markets rally, or does it depend on what the deal consists of? >> secretly, they are going to sell off on the news.
no plans to reconvene. last week, house speaker john boehner said it was up to the house to act on extending unemployment benefits. as we work through all of this, we are happy to be joined by allen capper, head of credit strategy at lloyd's for the hour. welcome back. i guess we're still shaking off the christmas turkey tryptophan, i guess they call it, and yet it feels as though it's groundhog's day. >> yes. you say shaking off the christmas blues and we're shaking still waiting to hear what happened with this fiscal cliff. we knew they would take it to the wire. there's no surprises. what concerns me, this may stretch on until january. now, this is not the first time we've been in a situation like this in my career in the markets. the opportunity is clearly markets may sell off and then an accord has to be reached. i guess a lot of people will be seeing that. >> what are you seeing in credit markets right now? is there a sense they're looking at the strong off move? >> i think in the credit market, liquidity started to disappear last week and now there's no real positioning w
days before the u.s. goes over the fiscal cliff. speaker john boehner has called the house back into session sunday evening. house majority leader eric cantor is telling his members to be prepared to work through january 2nd. both sides are still far apart on taxes and spending cuts. harry reid says prospect deals by monday are unlikely. minority leader mitch mcconnell says there's still time for an agreement. >> republicans aren't likely to sign a blank check just because we find ourselves at the edge of the cliff. that wouldn't be fair to the american people. >> now, a new reuters poll shows americans blame republicans more than democrats or president obama for the fiscal crisis. and when asked who they held more response, 27% said the gop, 6% pointed to the dems and 30% said all of the above. for more on this, we're joined by christian schultz from barronberg bank. welcome. so we're going over the fiscal cliff. >> well, the consumer confidenc already be over the cliff in terms of confidence already. that might already be the first impact of the crisis of -- not of the crisis,
in new taxes, john boehner has said he's willing to give $1 trillion. obama said he wants $800 billion in spending cuts, same thing for boehner. but the difference comes with the once again, the tax threshold. president obama originally said he would be willing to go with the $400,000 tax threshold. and as boehner said going off obama's words, he was willing to do it at $1 million. it comes down to what that threshold is. >> karen finney, i want to ask you about the same question, this ten days business. but i also want to amendment that question or expand it. how much damage did the republicans do last night by blowing up plan "b"? in other words, does that take them out of the power position in the negotiations? >> absolutely. because i think at this point, it's pretty clear that any kind of -- boehner could not get, what? 117 votes. so it's clear whatever happens next, he's not going to be able to rely on his own caucus to make that happen. that means, who do you need? nancy pelosi and you're going to have to get democrats to get something through the house. and so, i certainly thin
position and the caucus walked away from john boehner and they're not in a position to say i want a, b and c. >> so the senate comes up with something. can it pass the house? >> i think i'm more in agreement with you than robert is in the sense that i'm not particularly bullish about the possibility of this deal because let's just look at the logistics of how congress works. the first step in this new process that the president just outlined is that he wants harry reid and mitch mcconnell to get together on the plan. you need a plan that will satisfy harry reid and his democratic caulk us and mitch mcconnell who is featuring a tea party potentially in 2014 and that's a wide with swath of people and i would be quite surprised if we had a whole bunch of republicans in the house and senate who were willing to go along sort of giving up the store from their point of view which would be raising revenues through taxes and not getting the spending cuts that they like. >> that's a fair point. i think a the lot of republicans, you're right, for that reason. any kind of tax increase, some republ
pass. >> so harry reid there calling house speaker john boehner a dictator for not bringing a bill to the floor that would extend the bush tax cuts for all those who make less than $250,000 a year. now that bill if it was brought to the house floor would have to pass with democratic votes. speaker boehner has said that he wants to pass something ultimately that can be con by t done by the majority of the majority. >> i don't understand how you can call him a dictator when he can't get his own bill passed. that doesn't make any sense to me. if he was a dictator, he could have done it. >> what we're watching here is a lot of finger pointing. the house side wants the senate to do something. the folks on the senate side said, wait a second, john boehner is who to blame. at the white house, they're pointing their finger at capitol hill. there's a lot of finger pointing but not a whole lot of action. >> all right, eamon. thanks so much. >> you bet. >>> as negotiations continue on washington, that is a bit of an overstatement, check wall street, the fear index is spiking as the markets dr
president obama and house speaker john boehner for any kind of break through, millions of married couples facing a higher tax burden if we go over the cliff. the bush era tax law eliminated the marriage clause meaning that incomes of couples earning as little as $80,000 would be subject to taxation at the rate of the higher earning spouse. now as far as their wealth preservation strategies, a nationwide survey done by northern trust found high net worth persons, more than 5 million in assets, are much more proactive in anticipating the tax consequences of going over the cliff than those with a million dollars or less in assets. that same survey had 44% of high net worth individuals saying their top priority for the country is economic growth and reducing unemployment versus 19% who are reducing the federal budget deficit. >> all right, hampton. thank you very much. >>> the finance.yahoo.com poll puts you in the shoes of a member of congress. how would you handle the fiscal cliff? go vote finance.yahoo.com. the results are coming up. there you see your options. michelle. >>> tyler, one of
with house speaker john boehner to keep taxes for 98% of americans from going up on the first of january. but both sides, though, they're not talking and congress is in recess until after christmas. some democrats are still hopeful that a deal can be reached, but the republicans, they're not holding out hope. >> i would hope that we would have one last attempt here to do what everyone knows needs to be done, which is the larger plan that really does stabilize the debt and get us moving in the right direction. >> if we go down to the end of this year and the only choice we have is to save taxes going up on the middle class, then i would support that. but i wish we would have a comprehensive bill that dealt with spending, dealt with entitlements and dealt with taxes altogether. >> i believe the president is eager to go over the fiscal cliff as he senses a victory at the bottom of the cliff. >> republicans are now looking past for new year's day to the battlegrounds. >> i would raise the debt ceiling only if we save medicare and social security and prevent this country from becoming greece.
john boehner would put that on the floor even if most republicans were not in favor of it. bill? >> okay. we're going to hope that something like that can be at the very minimum at this point. john harwood, thanks. see you later. don't worry, be happy. one of our next guests says should we go over the fiscal cliff, someone else on wall street says the cliff will not be a doomsday event. we'll get them to make their case coming up. >> and also later on. facebook making an about face on using user photos for advertising. >> and winter storm euclid is pummeling the east coast. the latest storm and storm track coming up in the next hour of the program. you're watching cnbc, first in business worldwide. plus, in-branch seminars at over 500 locations, where our dedicated support teams help you know more so your money can do more. [ rodger ] at scottrade, seven dollar trades are just the start. our teams have the information you want when you need it. it's another reason more investors are saying... [ all ] i'm with scottrade. you won't take our future. aids affects us all. even babies
. if you vote on the deal that john boehner couldn't get done in his conference thursday, if you vote on that in january, a deficit deal than december. it's actually a tax decrease. i don't think nothing is going to happen in the coming weeks. it is possible we get into the first week of january before something to vote on. congress has gotten used to doing things at the last minute and it's not exactly clear when the last minute is here. >> i've been saying for a while you don't have to deal with 400 or 500 grand, get 250, what the president has wanted all along and get the republicans to not vote for a tax cut for everybody under 250. why hasn't that been the strategy or can you tell me that hasn't been the strategy all along? >> the piece of it i don't fully understand why the speaker decided to do what he did last week, walk away from negotiations. they were getting pretty close between the speaker and president and john boehner came up with plan b and it didn't happen. i'm not quiteshi shirure what t detail was about. while the leaders were negotiating we had a lot of time to tal
to have the day off today. our guest host today is bob broska. house speaker john boehner urging the senate to come up with a passable fiscal cliff solution. he's promising to at least consider any bill that the upper chamber produces. senate majority leader harry reid now expected to base any legislation on a bill passed earlier this year to continue tax breaks for households will incomes below $250,000. a senate bill would likely contain an extension of expiring unemployment benefits. and the other big news of the morning, treasury secretary tim geithner unveiling a plan to buy time under the debt ceiling. in a letter to congress, geithner saying that treasury is going to begin taking steps this week to delay hitting the government's 16$16.4 trillion borrowing limit. treasury will take several measures to save that next year to keep the government from reaching the limit for about two months. but geithner warns it is harder to predict how long the delay will last because of all of this ongoing fiscal cliff negotiations making it harder to forecast what revenue and tax spending
-- and here's what makes me mad is everyone's running around saying john boehner can't get it through his caucus. i get it, fine, whatever. it's not like the house that is ever in the driver's seat of tax bills. the house is supposed to write them and the senate's supposed to decide them. and guess what -- >> jimmy you got a democrat u.s. president, democratic chamber with the u.s. senate, why can't the president get this done? i mean, this is-ish. >> it's that simple. there are two words, they're called, i object. if you've ever worked -- raise your hand on the panel if you've ever worked in the united states senate. i don't see any hands. in the senate you got 100 egotistical men and women, which i'm fine with that. but if one of them is pissed off about something, they say i object and you can't get it through. the bottom line is, you've got one person objecting, mitch mcconnell. i like mitch mcconnell. he's not a terrible guy. but he keeps objecting and that's going to be the problem. he's going to be the decider on this. if he can get his caucus to coalesce and get 60 votes or no obj
. they're not here. john boehner seems to care more about keeping his speakership than keeping the nation on firm financial footing it is obvious, mr. president, what is going on around here. he is waiting to january 3rd to get re-elected as speaker before he gets serious with negotiations because he has so many people over there that won't follow what he wants, that's obvious from the debacle that takes place last week and it was a debacle. he made an offer to the president. the president came back, they are just a little bit ap he walked away from that and went to plan b. but -- which all you did is whack people who need help the most. poor people. and he couldn't even pass that. remember, he is not letting the house of representatives vote, he is letting the republicans vote. it was so bad, he was in such difficult shape there he wouldn't even allow a vote to take with his republicans because he knew he would lose. for months, he has allowhood house republicans to hold middle class taxpayers hostage to protect the richest 2% and the funny part about that, mr. president, the 2% don't wa
what the senate comes up with. the house is still not going to pass it. john boehner can't. he just can't pass a bill off his floor with a majority democrats and 20 republicans. >> the house already voted to extend all of the bush tax cuts. >> and the senate -- >> house leaders are right to say the ball is in the senate's court. until they act we can't know -- what kind of deal we come up with. >> the ball is always in the senate's court. that's how it works. >> you are both argue being process. here is what i don't understand. i stay to democrats that come on, what p the republicans voted to extend taxes on everybody that you want, would you means test social security and medicare? the vast majority say oh, no, no, no, no. >> not this democrat. i would absolutely support it. >> unfortunately you are not in congress. >> you are right. >> i talked to republicans. i said, listen, if tomorrow the democrats had an epiphany and decided representative ryan planes for making medicare a voucher system were the best thing to do, would you vote to raise taxes on millionaires and have them? they s
back from hawaii. speaker john boehner has not even committed to bringing the house back into session. the senate will come back on thursday. and not deal with the fiscal cliff but deal with spending bills to clean up new york and connecticut and new jersey from hurricane sandy and reauthorize some intelligence bills. so i mean, there's no real deal in the offing. there's nothing going on behind the scenes that would lead us to believe that anything would get done before january 1. >> all right. josh, out to you. obviously a lot of the discussion has been around the kind of deal that we would get if we do get something. if a deal does come through, it -- more likely will not be comprehensive, right? there's going to be a lot of negotiating that occurs after the first of the year. i guess my question to you is, does this leave the markets open to turmoil and more volatility as we head into january? >> the markets are going to be left open to turmoil and volatility, period. what we've seen is that despite the stakes getting higher, this isn't a game of poker but one of go fish. and no o
. historically that's 20%. if there are going to be the spending cuts, that what we want to hear, john boehner. he's the adult in the room right now, guys and is looking like the bad guy because we have to stop the spending cuts. hitting the ceiling on the debt ceiling by monday. $16.3 trillion. you can't put a band-aid on this and suspect everything is going to be great and have howie mandel say deal or no deal. not good for the overall markets or economy. >> it's clear that revenue is not on the table. >> what do you do, run for the s? panic is not an investment strategy. give us some good advice. >> this is a headline-driven market, so if there is any type of positive news out of washington, look for stocks to act positively. realistically you want to be in treasuries. cash or treasuries. only with the help from ben bernanke and company. >> thank you, guys. >> we'll keep an eye on that, too, as a matter of fact. thank you, guys. we'll see you later and wall street is throwing in the towel as we head towards the close. apparently fewer people want to be long going into the weekend. the dow n
and that was in the plan "b" that john boehner was trying to get the members to vote for. i think we need to get democratic votes on the senate side and republican votes on the house side. >> the game plan is to get some sort of comprehensive tax reform next year, hearing that in the is not and house. moderates like yourself, like olimpia snowe and joe lieberman and dig lugar, and on and, is it possible with the new conditioning next year to get some sort of tax reform when it's been impossible for the last year and a half. >> i hope so. we don't control but one house, and the democrats control one house and the presidency. we can't get everything we want. i am a don't raise taxes on anybody republican. >> but you're willing to compromise on that though, right? >> i certainly would rather have something somewhat lower than anything and try to see if we can get the development come up from 250. to be able to give the amt relief and the marriage penalty, child tax credit, even state tax relief for farmers and ranchers, those are all things that affect everyone in this country and i hope they will do the real
they can't overcome otherwise. >> remind us, john, a mini deal is composed in the senate but still has to pass through house republicans and boehner or not? >> yes. and the question about the mini deal would be, what we're talking about, just to make clear for our viewers, would be a temporary extension of tax cuts for incomes under $250,000, a couple of months, for example, a temporary turn-off of the sequester, the automatic cuts equally in defense and nondefense programs that nobody wants to happen, you temporarily turn those off, you extend unemployment benefits, you do something about doctor payments under medicare. if that happens, and clears the senate, there would be a bipartisan majority in the senate if it is allowed to get to the floor, then you would have to have speaker boehner agree to put that on the floor, it would pass the house almost certainly, but the speaker has been reluctant to put any bill on the floor for a vote that doesn't have the support of a majority of his own members, of republican members. he would have to breach that rule in order for it to happen befo
to give on anything and lose some of his base if he feels that boehner can't even deliver his own package. so they greet it a little more negatively than the full market. >> on the side of senator john bar oso said over the weekend, said the president senses victory at the bottom of that cliff. in other words, if they can't deliver on the cliff, most people blame republicans anyway. so politically there is some argument to be made for going over. >> well, yes, it would seem to favor the white house. so that might be tempting. on the one side, as i say, no sense giving in if you think the man you're negotiating with can't deliver anything. it could get to be very difficult. again, we're watching for little signs like, will the treasury ask companies to change the withholding. if not, then they're assuming that the trip over the cliff is going to be very, very brief. so we'll see how -- >> if they don't, though, that suggests it might be a longer run over this cliff. >> oh, if they do come in and say we'd like you to take another look at your withholding, then that would mean they may be lo
Search Results 0 to 20 of about 21